Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-3032022-07-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity3truetrue 02628517 2022-07-01 2023-06-30 02628517 2021-07-01 2022-06-30 02628517 2023-06-30 02628517 2022-06-30 02628517 c:Director1 2022-07-01 2023-06-30 02628517 d:PlantMachinery 2022-07-01 2023-06-30 02628517 d:PlantMachinery 2023-06-30 02628517 d:PlantMachinery 2022-06-30 02628517 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02628517 d:MotorVehicles 2022-07-01 2023-06-30 02628517 d:MotorVehicles 2023-06-30 02628517 d:MotorVehicles 2022-06-30 02628517 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02628517 d:FurnitureFittings 2022-07-01 2023-06-30 02628517 d:FurnitureFittings 2023-06-30 02628517 d:FurnitureFittings 2022-06-30 02628517 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02628517 d:ComputerEquipment 2022-07-01 2023-06-30 02628517 d:ComputerEquipment 2023-06-30 02628517 d:ComputerEquipment 2022-06-30 02628517 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02628517 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02628517 d:CurrentFinancialInstruments 2023-06-30 02628517 d:CurrentFinancialInstruments 2022-06-30 02628517 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02628517 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 02628517 d:ShareCapital 2023-06-30 02628517 d:ShareCapital 2022-06-30 02628517 d:CapitalRedemptionReserve 2023-06-30 02628517 d:CapitalRedemptionReserve 2022-06-30 02628517 d:RetainedEarningsAccumulatedLosses 2023-06-30 02628517 d:RetainedEarningsAccumulatedLosses 2022-06-30 02628517 c:FRS102 2022-07-01 2023-06-30 02628517 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 02628517 c:FullAccounts 2022-07-01 2023-06-30 02628517 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02628517 2 2022-07-01 2023-06-30 02628517 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02628517 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 02628517










LITE-WIRE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
LITE-WIRE LIMITED
REGISTERED NUMBER: 02628517

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
835
1,238

  
835
1,238

Current assets
  

Stocks
  
43,884
56,524

Debtors: amounts falling due within one year
 5 
87,539
104,550

Cash at bank and in hand
  
786,850
570,898

  
918,273
731,972

Creditors: amounts falling due within one year
 6 
(129,646)
(92,941)

Net current assets
  
 
 
788,627
 
 
639,031

Total assets less current liabilities
  
789,462
640,269

Provisions for liabilities
  

Deferred tax
 7 
(209)
(310)

  
 
 
(209)
 
 
(310)

Net assets
  
789,253
639,959


Capital and reserves
  

Called up share capital 
  
375
375

Capital redemption reserve
  
750
750

Profit and loss account
  
788,128
638,834

  
789,253
639,959


Page 1

 
LITE-WIRE LIMITED
REGISTERED NUMBER: 02628517
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






W R Perei
Director

Date: 13 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LITE-WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Lite-Wire Limited, registered number 02628517, is a private company limited by shares and incorporated in England and Wales. The registered office is Unit 1.07 Fernberga House, Alexandra Road, Fanrborough, Hampshire, GU14 6DQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LITE-WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
LITE-WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight Line
Motor vehicles
-
25%
Straight Line
Fixtures and fittings
-
25%
Reducing Balance
Computer equipment
-
25%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
LITE-WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
578
14,030
340
1,094
16,042



At 30 June 2023

578
14,030
340
1,094
16,042



Depreciation


At 1 July 2022
70
14,030
57
647
14,804


Charge for the year on owned assets
116
-
71
216
403



At 30 June 2023

186
14,030
128
863
15,207



Net book value



At 30 June 2023
392
-
212
231
835



At 30 June 2022
508
-
283
447
1,238

Page 6

 
LITE-WIRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Debtors

2023
2022
£
£


Trade debtors
73,027
104,550

Other debtors
13,328
-

Prepayments and accrued income
1,184
-

87,539
104,550



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
17,354
26,018

Amounts owed to other participating interests
69,909
17,630

Corporation tax
38,533
45,725

Other taxation and social security
-
1,698

Accruals and deferred income
3,850
1,870

129,646
92,941



7.


Deferred taxation




2023


£






At beginning of year
(310)


Charged to profit or loss
101



At end of year
(209)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(209)
(310)

(209)
(310)

 
Page 7